Revised IRS Form 941 for 2021 Tax Year | TaxBandits
Modified IRS Kind 941 for 2021 Tax Year|TaxBandits

Based upon the draft launched by the Internal Revenue Service on January 29, 2021, these are the particular modifications that employers can expect to see on Type 941. There are 2 lines that have actually been affected. Both of these lines were contributed to address the worker social security deferment for the 3rd and 4th quarters of 2020. The first is Line 13b, Deferred quantity of social security tax, this line is no longer required so it has actually been reserved for future usage. The next is Line 24, Deferred quantity of the staff member share of social security tax consisted of on line 13b. This line has now been booked for future usage as well. The lines included 2020 for reporting COVID-19 tax credits stay unchanged as the Consolidated Appropriations Act, 2021 likewise extended these tax credits and provided more in depth guidance in regards to the worker retention credit.